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Ever since civilization began with the invention of agriculture, mankind has been preoccupied with trying to feed the planet. Today, investors are justly enamored with companies that might improve our food supply, given Earth's burgeoning population, finite resources, and likely food inflation following central banks' feisty money printing.

As a result, this go-to darling already looks fully valued, and investors might want to wait for a better opening. For a start, Pfizer still owns 80% of Zoetis and controls nearly all the voting power through Class B stock. And more shares could become available after lockups expire in late July.

It helps that Zoetis' products are sold in 120 countries, with no single item within its diversified portfolio accounting for more than 8% of sales, notes Risinger. Pets also are becoming as narcotized as we are, with the horde of medicated U.S. pets rising to 78% from 57% in 1996. But Zoetis has $3.4 billion in net debt. And while a dividend yield near 0.8% might rise with profits, management probably will steer cash toward deals or to pay down debt.

Risinger doesn't expect the yield to top 1% soon. There also are risks. Nearly 28% of Zoetis' sales are livestock antibiotics. In many countries, especially in Europe, "concerns have been growing about the use of antibiotics in livestock animals, which could result in antibiotic resistance and potentially leave residues in food," notes Goldman Sachs analyst Jami Rubin.

Weather is another wild card. Last year's drought drove up grain-feed costs and made it more expensive to keep cattle hydrated. So farmers culled their herds and turned them into filet mignon, which didn't help sales of antibiotics. Goldman's price target for Zoetis is $33. "We like the company," writes Rubin, "but the stock is ahead of itself."

IN CONTRAST, LESS CUDDLY fertilizer stocks trade at just 16 times projected profits, below their median of 20.1 times over the past decade. The crop-planting season hasn't begun, and investors are harvesting profits after the group's 42% rally over the past two years. Demand remains robust, but concerns are rife that fertilizer prices will weaken further. It didn't help that the U.S. Agriculture Department recently predicted record corn and soybean crops in 2013. That could drive corn prices down a third from last year, damping what farmers might spend on nutrients.

But how much of that news is already reflected in shares? The corn yield should rebound after last year's drought, but it'll have to surge mightily to thwart fertilizer demand. Abundant U.S. natural gas helps cap any increase in energy costs. The government's grain-price estimates famously assume the weather will cooperate. It often doesn't.